Name of Recipient:
Mr. Wayne Ng
Sands Credit Pte Ltd is a professional licensed moneylender in Singapore, offering solutions for those with financial issues and requires extra money to tide them over. Established in 2010 by Mr. Wayne Ng, they offer personal loans, business loans, and secured loans to individuals and business owners. They are also one of the few moneylending companies in Singapore to provide a debt consolidation program to genuinely help those in need of financial debt management. An accredited member of the Moneylender’s Association of Singapore, Sands Credit is dedicated to providing their customers with professional and credible financial services.
For Wayne, his foray into the moneylending industry was purely by chance. “I was working in the corporate travel industry as the Head of Acquisition, and am also managing several businesses at once, so being an entrepreneur is not something that is new to me. It was my brother-in-law who introduced the moneylending industry to me, and suggested that I go into this.” Recognizing the potential of the industry, and a chance to help out those financially in need, Wayne established Sands Credit in 2010.
During the initial stages of their operation, challenges threatened to derail the operations of Sands Credit. Wayne said, “During the first seven to eight months, I was operating Sands Credit as a one-man show. There were a lot of personal sacrifices I had to make in order to make this business work.” Wayne also commented, “The moneylending industry does not have a good reputation. Those who don’t know what we do well label us ‘licensed ah-longs’. Till today, we have had to deal with borrowers who make false accusations against us by taking advantage of the industry’s reputation. Our business suffered a further impact when the government banned print media advertisements for moneylending companies, and we had to advertise ourselves differently.”
However, the thing that most concerned Wayne was not their drop in business, but rather, what it means for borrowers who do not know of their existence. “Our business can definitely survive, but we have to look further than that. There are many implications for borrowers, because now they are not able to look for us in print advertisements. Think about it, how many members of the public will fall into the ploys of organized loan sharks? For example, nowadays loan sharks like to employ the use of text messages asking you to take a loan with them. Their convenient offer will entice people in need to look for them instead of us.”
Therefore, Wayne actively advocates public awareness of the moneylending industry. Joining the Moneylender’s Association of Singapore, and now the Assistant Secretary of the committee, Wayne hopes to clear the air about the legitimate moneylending industry. “We have joined the Borrow Wisely Campaign, and we are one of the only few moneylenders who provide personal financial management services. Through reaching out to those in need, we can assess their financial standing, and help them customize a repayment solution that will be the first step toward transforming their lives into a debt-free one.”
With his perseverance, Wayne hopes to be able to elevate the moneylending industry above the negative associations they experience today. And that is one thing he advises potential entrepreneurs to do. “For the past five to six years, I’ve tried my hand in various businesses, and I have failed. But had I not failed, I would not have been successful today. Because the moment you give up, you would not be able to get up again. Just keep going forward. If life throws you a punch, you get up. Do not give up on yourself.”
Additionally, Wayne feels that passion is an integral element to entrepreneurial success. “They need to have the drive, to know why they are doing the work they do. If you enjoy your work, that is a good start already. For entrepreneurs, they need to have the passion, the fire. There will definitely be sacrifices made, and things you have to give up. It’s all about how hungry you are, and how badly you want it.”
Despite the recent tightening of regulations for the moneylending industry, Wayne is confident that Sands Credit will be able to remain as they are. “We are a trade that will not go away. There are pros and cons with being in this industry, and the regulations will get even tougher. But the good thing is that through the tightening regulations, we will be able to eliminate the black sheep in this industry. Hopefully, after the cut-offs, we will be able to come out stronger than before, and be able to project a professional image for the moneylending industry without jeopardizing our livelihood.”
Armed with their passion and ambition to revamp the moneylending industry, Sands Credit has presented themselves professionally as a trustworthy source of financial aid. Eager to spearhead the industry’s professional movement, Wayne and his team no doubt will continue to provide credible and genuine financial aid to the people that need it, and are now well on their way to becoming a prominent company in the moneylending industry.
711 Ang Mo Kio Avenue 8
T| 6225 0268